Real Estate

In August 2005, Hurricane Katrina made landfall as a Category 3 storm with maximum winds of 125 mph, according to the National Oceanic and Atmospheric Administration. The cost of the ensuing damage to New Orleans and the Gulf Coast was more than $80 billion; it is generally considered to be most destructive tropical storm in U.S. history in terms of property damage, followed by Hurricane Andrew in 1992 and Hurricane Ike in 1998.

The trend of suburbanization characterized a long chapter in American residential living, but in recent decades many urban areas have seen transformations as waves of new apartments and condos have been built. Beginning in the 1990s, new building permits began to increase in many core urban areas.

Between 1994 and 2006, subprime lending grew from $35 billion to $600 billion a year in the United States, amounting to 23% of all mortgage dollars lent. The ensuing subprime mortgage market crash led to severe disruptions in the global financial markets.  By the third quarter of 2007, about 25% of subprime loans were either delinquent or in foreclosure.

Train and subway stations play a significant role in both transit networks and the urban environment. While numerous studies have examined stations’ effect on property values, the results have been mixed: Some show a negative impact, others insignificant differences, and some indicate positive effects.

Once part of the urban fabric of the United States, streetcars declined as the automobile rose during the 1930s and 1940s. In the last several decades, however, streetcars have returned to popularity — more than 40 new systems are in planning, construction or operation.